Notorious Hall-Mark to get salvaged

Women BD Desk: Hall-Mark Group, which had swindled billions out of the country’s largest state-owned bankSonali Bank,will be now allowed to reschedule its loan under the government’s latest scheme for defaulters.
The group have already filed to reschedule its loans and seeking new funds to run business, according to sources.
In April this year, the government unveiled a scheme for loan defaulters to pay off debt.
Subsequently, on May 16, the Bangladesh Bank issued a circular, which said those who were unable to pay but can ‘adequately justify’ their situation will be allowed to pay off the loans with a 2 percent down payment on the loan amount and 9 percent interest over 10 years.
Analysts, however, said that Hall-Mark does not fit in the criteria stipulated in the central bank order.
“Allowing companies which embezzled funds in the scheme will demoralize good borrowers. What the banking sector now needs is good governance, but what’s happening is totally the opposite,” said former governorSalehuddin Ahmed.
Little known Hall-Mark hogged headlines of the national newspapers after misappropriating billionsfrom Sonali Bank in 2013.
It’s managing director Tanveer Mahmud, and its chairman Jasmine Islam had swindled Tk 29.65billion from state-run bank’s Sheraton branch between 2009 and 2012 through fraudulent documents.
In 2014, the government had to inject Tk 31.4 billion to the scam-hit bank to keep it afloat.

Daily Women Bangladesh/BH

Comment here